Ripple clinches in-principle regulatory approval to offer digital payment tokens in Singapore
Majority of its on-demand liquidity transactions flow from Singapore, the company said.
Blockchain and crypto company Ripple’s Singapore subsidiary has obtained an In-Principle Approval for its Major Payments Institution Licence application from the Monetary Authority of Singapore.
The license allows Ripple to offer regulated digital payment token products and services in the city state, the company said in a press release.
“This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to home in on blockchain and crypto technologies to build a more inclusive and borderless financial system,” said Stu Alderoty, Chief Legal Officer of Ripple.
Ripple shared that it experienced “unprecedented business momentum” for its crypto-enabled on-demand liquidity or ODL services globally– with a majority of the growth driven by tis Singapore institutions.
In 2022, well over a majority of global ODL transactions flowed through Singapore, which serves as the company’s Asia Pacific headquarters, Ripple said. This pushed Ripple to double its headcount in Singapore over the past year across key functions such as business development, compliance, finance, legal, and sales.
The company plans to continue increasing its presence in Singapore and across the APAC region.